A private investor is an investor who does not meet the following criteria for qualifying as an institutional client (semi-professional or professional client). A private investor is thus any natural or legal person who is neither a professional nor semi-professional investor.

A professional investor is:1. An authorised legal entity which is subject to regulation allowing it to operate in the financial markets. The following investors generally qualify as professional investors:

3. National and regional governments, public bodies that manage public debt, central banks, international and supranational institutions such as the World Bank, the IMF, the ECB, the EIB and other similar international organisations.

4. Other institutional investors whose main activity is to invest in financial instruments, including institutions that carry out the securitisation of liabilities and other financing transactions.

5. Those who request classification as a professional client and can be treated as such.

A semi-professional client is:1. Any investor:

a. who commits to investing at least EUR 200,000,b. who states in writing in a document separate from the contract on the investment commitment that he is aware of the risks associated with the proposed commitment or investment,c. whose expertise, experience and knowledge can be assessed without making the assumption that the investor has the market knowledge and experience of the investors outlined in Annex II, Section I of Directive 2004/39/EC,d. for whom, taking into account the nature of the proposed obligation or investment, it can reasonably be assumed that the investor is able to make his own investment decisions and that he understands the risks involved and that such an obligation is appropriate for the investor in question, and e. who confirms in writing that the assessment mentioned in letter c has been carried out and the conditions set out in letter d have been met,

2. An executive or employee of the management company listed in Section 37 (1) of the German Investment Code (Kapitalanlagegesetzbuch), provided he invests in investment funds managed by the management company, or a member of the Board or the Executive Board of an externally managed investment company, provided he invests in the externally managed investment company,

3. Any investor who undertakes to invest at least EUR 10 million in an investment fund.

Please read this page before proceeding, as it explains certain restrictions imposed by law on the distribution of this information and the countries in which our funds are authorised for sale. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.

Please note that you are required to read and accept the terms of our Privacy Policy before you are able to access our websites.

Once you have confirmed that you agree to the legal information in this document, and the Privacy Policy - by indicating your consent above - we will place a cookie on you computer to recognise you and prevent this page reappearing should you access this site, or other BlackRock sites, on future occasions. The cookie will expire after six months, or sooner should there be a material change to this important information.

By confirming that you have read this important information, you also agree that such information will apply to any subsequent access to the Individual investors (or Institutions / Intermediaries) section of this website by you

We consider the opportunity to serve your investment needs a great privilege and one that comes with considerable responsibility including safeguarding your sensitive and confidential information. BlackRock Advisors (UK) Limited respects your privacy choices. If you provide us with personal information, we will treat it in accordance with this Privacy Policy.

We are committed to:

(a) protecting the personal information you provide to us;(b) telling you how we use the information we gather about you; and (c) ensuring that you know why we intend to disclose your personal information.

Accessing The Web Site

In accessing this website you acknowledge that we may track and record information for systems, trouble shooting, administrative and reporting purposes, including, for instance, the aggregate number of visitors to the website and the sections of the site visited by visitors.

Cookies

We use "cookies" to collect and store information about your Internet connection when you visit our web site. Cookies are data elements that our website sends to your browser. In using cookies, we do not gather or store any personal information about you other than to the extent necessary to identify you, if you are a registered user. We utilise cookies to better understand who is coming, and returning, to our website. We also use cookies to measure the number of visitors to different parts of our website. This information helps us to improve our website and make it more useful to our visitors. If you would prefer not to accept cookies from us, you may set your browser accordingly. If you choose to disable cookies in your browser, you may not be able to access all of the website.

Providing Personal Information

In accordance with the provisions of applicable data protection regulations, you are hereby informed and consent to the collection of your personal data into a personal data file whose controller is BlackRock located at BlackRock, 12 Throgmorton Avenue, London, EC2N 2DL, United Kingdom where you may exercise your rights of access, rectification, cancellation and objection.

We understand that you consent that we use your personal information to service your account, to improve our services to you, to provide information to you and to inform you, including by electronic means, about additional products or services that may be of interest to you.

In general terms, this Site is not addressed to minors. However, in the event someone under the age of fourteen decides to register on the Site, he/she must provide data on the identity and address of his/her parents or guardians and guarantee that he/she has obtained the relevant authorization from his/her parents, guardians or legal representatives, which may be required by BlackRock at any time just for the purposes of verifying the authenticity of the consent given, if any, by such parents, guardians or legal representatives.

Your Consent

Your personal information may be passed on or used by other BlackRock affiliates and our agents and service providers, but will not be disclosed to other third parties for their direct marketing activities, without your consent, other than in the context of a sale of this Site or a sale of our business. We do, however, offer you the opportunity to receive information from third parties which we think may interest you. You can sign up for direct marketing by registering on this Site for which you must accept the relevant data protection clause. In this respect, we understand that you expressly consent to the processing of your personal data by BlackRock with the purpose of sending commercial communications, including by electronic means, about products and services offered by third parties, as well as products and services offered by BlackRock and its affiliates, unless you communicate us your opposition.

We will normally send direct marketing by email or post depending on your preference. If you would like us to stop sending direct marketing to you, we offer simple ways to do this. Whenever you receive direct marketing by email you will be told how to unsubscribe electronically. You may also communicate your preferences for email and other types of marketing by calling or by writing to us as set out in the "Communicating With Us" section of this Privacy Policy.

How We Ensure Privacy Is Maintained

Our employees are required to safeguard the confidentiality of your personal information and understand the importance of maintaining client confidentiality and privacy. We will use all our reasonable endeavours to ensure that your data is stored securely and to prevent unauthorised access. Specifically, BlackRock is committed to maintaining and monitoring reasonable security measures established for the security and integrity of your personal data and in order to avoid its alteration, loss, processing or non authorized access, taking into account the technology, the nature of the stored data and the risks to which they are exposed, regardless of the fact that they come from a human action or the natural or physical environment, giving fulfilment to the provisions of the legislation in force. Despite our measures and because of the nature of the Internet, unfortunately we cannot guarantee that your information will remain secure at all times. The continuing efforts of hackers to defeat even the newest of security systems mean that we can never make this promise. Please be aware that if you disclose information on any chat areas, forums or other public services which may be made available by means of the web site, it may be possible for other people to use this information. We are not responsible for the disclosure of any information you post in this way.

It is unlikely that we will sell the Site or our business and your and our other customers' personal data to anybody else, but if we do, we will endeavour to ensure that your rights and freedoms in relation to the processing of your personal data are adequately protected. Our web sites provide a number of links to web sites not operated by us or by companies associated with us. We take no responsibility for the use of any information about you which is collected as a result of your use of these web sites and this Privacy Policy does not extend to any web site operated by anybody other than us.

Communicating With Us

You may at any time exercise your rights of access, rectification, cancellation and objection regarding your personal data collected through this Site. In this sense, we need your help in making sure that the personal information we hold in our systems is correct. Please notify us of changes to your personal information if you have submitted such personal information to us in the past. If you wish, you may also request a copy of the personal data held on you by us for free.

If you would like to exercise those rights, you must contact BlackRock, by any means of communication of BlackRock, whether personal contact in their offices; written communication sent by regular mail to the following address indicating “Data Protection” on the envelope:

Likewise, if you want to contact us to change the way in which you receive marketing materials from us, or to tell us that you no longer wish to receive such materials, you can either write to us by regular mail or email to the above-mentioned addresses.

Use Of And Disclosing Your Information To Third Parties

Your personal information may be disclosed to or used by other BlackRock affiliates and our agents and service providers to the extent necessary to provide our service to you, or when the disclosure is necessary for us:

(a) when they are collected by BlackRock for the purpose of executing a contract or preliminary contract or due to the existence of a business, employment or administrative relationship to which you are party and are necessary for its maintenance or fulfilment; or(b) when the transfer is authorised by applicable laws and regulations

The personal information you provide to us will only be disclosed to other third parties if we have your permission, or as set out in this Privacy Policy. We may disclose details about the general use of our web sites to third parties e.g. to demonstrate patterns of use to advertisers and other business partners. Information we pass on will not include any personal information by which you may be identified.

Further to the “Your Consent” section, we may forward your personal details to third parties (including our affiliates) whom we have contracted to provide direct marketing services on our behalf and in our name. By disclosing your personal information to us via this Site, you consent to our disclosing your personal information to such third parties both in your country of residence and outside your country of residence.

We may forward your personal details to legal or regulatory authorities if we are asked to do so or wish to do so in order to comply with applicable laws or regulations.

We endeavour to prevent unauthorised disclosures of your personal information by other people, but we are not responsible for any unauthorised disclosures or other breaches of security or for the actions of others if the information was passed to them with your authority or with the authority of anybody other than us or our affiliated companies.

Any personal information disclosed to BlackRock will be retained for so long as it is necessary to:

We reserve the right to revise this policy at any time by posting a revised Privacy Policy online (of which you will be made aware when you next access this Site after such revisions have been made) and your continued access to or use of the Site will mean that you agree to these changes.

If you have any questions about this Privacy Policy please email us at feedback@iShares.com or write to us at the following address indicating “Data Protection” on the envelope: